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Crudeoil

Observations

Crudeoil trading range for the day is 5810-6120

Crude oil dropped as an unexpected rise in U.S. oil inventories sparked demand concerns

US crude oil inventories rose by 2.951 million barrels, the biggest weekly increase in 11 weeks.

Crude stocks at the Cushing, Oklahoma delivery hub increased by 397 thousand barrels

The Biden administration said it was canceling some 140 million of previously mandated crude sales from the Strategic

Naturalgas

Observations

Naturalgas trading range for the day is 174-189

Natural gas fell as Canada boosted exports after reducing flows earlier in week

Spot gas prices at the Waha hub in West Texas fell to negative levels for the first time in years.

However, downside seen limited amid a decline in U.S. output in recent days

Average gas output in the U.S. Lower 48 states held at 101.4 bcfd so far in May, matching the monthly record hit in April

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